Affiliates of The Nightingale Group LLC including NG Riverside Center LLC and Riverside SPE Member LLC sold the Riverside Center at 710 Horatio St. in Deerfield Utica, NY to Riverside Enterprises LLC for $60.5 million, or approximately $84 per square foot.
The Riverside Center consists of five different retail buildings totaling 722,084 square feet. The regional power center is located off I-90 near Routes 5, 8/12 and 49. It is home to several major retailers including a free-standing Wal-Mart, Lowes, BJs Wholesale Club, Burlington Coat Factory, Tractor Supply, Bass Pro Shops, and a host of other national and credit tenants.
Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group in the firm's Stamford, CT office brokered the sale.
"Riverside’s stable rent roll, highlighted by long term leases with national tenants, offers strong in-place cash flow and future NOI growth through further lease-up. The recent renewals completed with Lowe’s and BJ’s Wholesale Club, coupled with the new lease completed with Bass Pro Shops, have affirmed the Center’s regional dominance and strong demand among national retailers," commented Dunne.
Please see CoStar COMPS #2828287 for more information.